Trump to nominate top economic aide Stephen Miran to Federal Reserve board

President Donald Trump said Thursday he will nominate a top economic adviser to the Federal Reserve's board of governors for four months, temporarily filling a vacancy while continuing his search for a longer-term appointment.

Trump said he has named Stephen Miran, the chair of the White House's Council of Economic Advisers, to fill a seat vacated by governor Adriana Kugler, a Biden appointee who is stepping down Friday. Miran, if approved by the Senate, will serve until January 31, 2026.

The appointment is Trump's first opportunity to exert more control over the Fed, one of the few remaining independent federal agencies. Trump has relentlessly criticised the current chair, Jerome Powell, for keping short-term interest rates unchanged.

 

Miran has been a major defender of Trump's income tax cuts and tariff hikes, arguing that the combination will generate enough economic growth to reduce budget deficits. He also has played down the risk of Trump's tariffs generating higher inflation, a major source of concern for Powell.